Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.
From Texas-based Carrizo Oil & Gas Inc.:
HOUSTON, TX -- (MARKET WIRE) -- 09/04/2013 -- Carrizo Oil & Gas, Inc. (
Overview of Transactions
Carrizo has agreed to sell certain non-core assets, including substantially all of its remaining Barnett Shale assets, as well as all of its interest in the Camp Hill Field in East Texas and certain undeveloped acreage in the Marcellus Shale, for total consideration of approximately $268 million, including aggregate cash proceeds of approximately $250.4 million, subject to customary closing conditions and purchase price adjustments, and the assumption by the buyers of certain liabilities and contractual commitments. The Company intends to use the net proceeds from these sale transactions to repay borrowings under its revolving credit facility as well as to fund a portion of the remainder of its 2013 capital expenditures program, largely in the Eagle Ford Shale.
The Barnett Shale divestiture includes approximately 9,000 net acres primarily in Southeast Tarrant County with year-end 2012 proved reserves of 303.5 Bcf. Current net production from the assets is approximately 44 MMcf/d. Closing of the transaction is expected by late October, with an effective date of July 1, 2013. Evercore Partners acted as the Company's financial advisor for the sale of the Barnett Shale assets and Baker Botts LLP acted as outside legal counsel. The Camp Hill divestiture includes year-end 2012 proved reserves of approximately 1.0 MMBbl and current net production of about 160 Bbl/d of oil. It also has an effective date of July 1, 2013 and is expected to close shortly. The Marcellus Shale divestiture primarily includes 2,850 net undeveloped acres in non-core areas of the play and is expected to close in the fourth quarter.
S.P. "Chip" Johnson, IV, Carrizo's President and CEO, commented, "This is a bittersweet day for Carrizo as the Barnett Shale started the company's transformation into an unconventional resource player back in 2003. While we've had a great run in the play, and worked with some great partners, we believe the sale of these assets is a natural step in our continued shift towards premier oil and liquids-rich plays. The cash proceeds from the divestitures will also further improve our balance sheet metrics and should more than cover our remaining spending gap for the year. This puts us in a strong position to continue our Eagle Ford Shale and Niobrara developments, as well as ramp up our Utica Shale activity in 2014."